Stifel Financial Corp Raises Holdings in Magnite, Inc. (NASDAQ:MGNI)

Stifel Financial Corp boosted its position in Magnite, Inc. (NASDAQ:MGNI) by 85.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 46,502 shares of the company’s stock after acquiring an additional 21,472 shares during the quarter. Stifel Financial Corp’s holdings in Magnite were worth $644,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in MGNI. Quarry LP lifted its stake in shares of Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after purchasing an additional 4,508 shares in the last quarter. Petrus Trust Company LTA purchased a new position in Magnite in the third quarter valued at approximately $680,000. Jacobs Levy Equity Management Inc. raised its holdings in Magnite by 1,271.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 145,577 shares of the company’s stock valued at $2,016,000 after buying an additional 134,959 shares during the period. Concentric Capital Strategies LP acquired a new position in Magnite during the third quarter valued at approximately $2,038,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Magnite by 3.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 343,961 shares of the company’s stock worth $4,764,000 after buying an additional 10,994 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $16.42 on Thursday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a fifty-two week low of $8.38 and a fifty-two week high of $18.38. The business has a 50 day moving average price of $15.21 and a two-hundred day moving average price of $14.03. The firm has a market cap of $2.31 billion, a PE ratio of 273.67, a price-to-earnings-growth ratio of 1.35 and a beta of 2.50.

Insider Activity

In other Magnite news, insider Aaron Saltz sold 5,112 shares of Magnite stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the completion of the transaction, the insider now owns 307,745 shares of the company’s stock, valued at $4,154,557.50. The trade was a 1.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Michael G. Barrett sold 27,004 shares of Magnite stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $17.63, for a total transaction of $476,080.52. Following the completion of the transaction, the chief executive officer now directly owns 782,910 shares of the company’s stock, valued at $13,802,703.30. This trade represents a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 352,752 shares of company stock worth $5,938,282. 4.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Scotiabank assumed coverage on shares of Magnite in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price on the stock. Wells Fargo & Company assumed coverage on Magnite in a research report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective on the stock. Macquarie reaffirmed an “outperform” rating and issued a $18.00 target price on shares of Magnite in a research report on Friday, November 8th. Royal Bank of Canada reiterated an “outperform” rating and set a $19.00 target price on shares of Magnite in a report on Friday, September 27th. Finally, Needham & Company LLC boosted their price target on Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $17.73.

About Magnite

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company’s platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.